The People's Bank of China (PBoC) Governor Zhou Xiaochuan said at G20 summit on Friday that there is no reason for the yuan to fall further.

Zhu Jun, head of the international department at the PBoC, noted that the yuan devaluation was not an attempt to gain an advantage over other exporters. He added that the Chinese government expected the market turbulence in China to be "pretty close to the end".

Chinese Finance Minister Lou Jiwei said on Friday that he expects China's economy to expand about 7% for the next four or five years.